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One wouldn't think a light bulb/electronics company could serve as a defensive play, but that's the case with Philips (NYSE: PHG).Amsterdam-based Philips is the world's No. 1 light bulb manufacturer and a series of converging events has put the company in an advantageous position.
First, technological advancement has driven down the cost of fluorescent light bulbs, which are substantially more efficient than the incandescent bulbs that have been in widespread residential use for decades. Second, Europe's governing bodies have mandated use of the new bulbs to reduce energy use, and hence greenhouse gas emissions. Third, growing environmental awareness among consumers has substantially increased demand for the bulbs in nations where their use is not mandated, such as the United States. Philips shares closed Tuesday down 36 cents to $40.89.
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